The Office of the State Treasurer (OST) today financed over $58 million of projects through a sale of Certificates of Participation (COPs). The sale gives local governments and state agencies access to low-interest financing for a range of projects and purchases.
Two colleges and four state agencies participated in this week’s sale, including the Washington State Patrol and Department of Fish and Wildlife. The local portion of the sale provides low-cost financing for three fire districts and the Port of Port Angeles in Clallam County.
“Leveraging the state’s excellent financial standing allows us to effectively partner with local governments in every part of our state for needed projects at affordable rates,” said Washington State Treasurer Mike Pellicciotti. “These sales represent more than just bottom lines, it translates into new school buses and fire trucks, new libraries, and up-to-date equipment to better serve the people of Washington. It’s a reminder that sound financial management benefits everyone in our state.”
Three times a year OST pools financing requests from state agencies and local governments into publicly sold COPs. This allows state agencies, as well as local partners in OST’s Local Option Capital Asset Lending Program (LOCAL Program) to acquire equipment and real estate under the umbrella of the state’s credit. This process leverages Washington’s strong ratings to help local governments secure financing at the lowest available interest rates – ultimately reducing costs and saving taxpayer dollars.
Yakima County Fire Protection District 3, better known as the Naches Fire Department, will finance half of the cost of a new $500,000 fire engine using low-interest financing obtained through the LOCAL Program. The Naches Fire Department has participated in the LOCAL Program four times since 1999, financing a rescue aid vehicle, a water tender, a brush truck, and other fire equipment.
“Small fire districts have to be really creative in funding their capital purchases. Grants are a good way to fund things, but the process may take several years and/or attempts to successfully land a grant, which is why obtaining a loan through the LOCAL Program allows us to spread out the purchase cost over several years,” said Alan Baird, Fire Chief of the Naches Fire Department. “Despite the struggle to keep up with escalating costs of firefighting equipment this department continues to provide essential emergency services, and I am very proud of the hard work and dedication of each of our volunteers.”
The Naches Fire Department responded to approximately 440 calls last year with around 30 active volunteer personnel. The district provides emergency care, rescue and fire protection to the citizens of Yakima County Fire District 3 and to the town of Naches, equating to about 250 square miles of coverage.
In addition to Naches Fire Department, this week’s sale of COPs also helped finance a significant portion of the purchase of a $2 million pumper engine for the Kittitas County Fire District #7, the largest fire district in the Upper Kittitas County.
Other examples of purchases financed this week include the equipment for a new training facility for Mason County Fire Protection District 5, new logging equipment for the Port of Port Angeles in Clallam County, and dorm renovations at The Evergreen State College in Thurston County.
This was the state’s second COP issuance in Fiscal Year 2025. The program financed $112,830,000 of equipment and real estate purchases during the previous fiscal year.